Australian shares are set to open higher on Thursday, tracking robust performances by the Dow and the S&P 500 as bets on a democratic sweep in Georgia state reinforced stimulus hopes, while stronger commodity prices will likely lend further weight.

The local share price index futures rose 1.5%, a 34.9-point premium to the underlying S&P/ASX 200 index close.

The benchmark fell 1.1% on Wednesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.9% in early trade.